Based on the European style market profile (IEC 62325-351), this part of IEC 62325-451 specifies a package for the settlement and reconciliation business process and the associated document contextual model, assembly model and XML schema for use within European style markets. The relevant aggregate core components (ACCs) defined in IEC 62325-351 have been contextualised into aggregated business information entities (ABIEs) to satisfy the requirements of this business process. The contextualised ABIEs have been assembled into the relevant document contextual models. Related assembly models and XML schema for the exchange of information between market participants are automatically generated from the assembled document contextual models. This International Standard provides a uniform layout for the transmission of aggregated data in order to settle the electricity market. It is however not the purpose of this International Standard to define the formula to be taken into account to settle or reconcile a market. The purpose of this standard is only to enable the information exchange necessary to carry out the computation of settlement and reconciliation. The settlement process or reconciliation process is the way to compute the final position of each market participant as well as its imbalance amounts. This new edition of IEC 62325-451-4 contains a new optional class and associations required to comply with new business development for European style market. In particular, the following changes have been made: " To remove the attributes quantity and secondary quantity of the class Point ; " To introduce the class Quantity from IEC 62351-351 UML package, with the following attributes quantity as mandatory and quality as optional, and create two association 1..1 between the class Quantity and the class Point with the role In_Quantity and Out_Quantity . " To introduce the class Reason from IEC 62351-351 UML package, with the following attributes code as mandatory and text as optional, and create an association 0..* from the class Reason to the class Point with the role Reason .